NewEdge Advisors LLC Has $703,000 Stake in Copart, Inc. $CPRT

NewEdge Advisors LLC cut its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 44.9% during the first quarter, HoldingsChannel.com reports. The firm owned 21,190 shares of the business services provider’s stock after selling 17,265 shares during the period. NewEdge Advisors LLC’s holdings in Copart were worth $703,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CPRT. State Street Corp boosted its position in Copart by 1.3% during the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock valued at $1,470,295,000 after purchasing an additional 492,506 shares during the last quarter. Capital World Investors grew its stake in Copart by 25.1% in the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares in the last quarter. Geode Capital Management LLC increased its position in Copart by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock worth $906,836,000 after purchasing an additional 131,703 shares during the last quarter. Bank of New York Mellon Corp increased its position in Copart by 21.7% in the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock worth $860,618,000 after purchasing an additional 3,918,610 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Copart during the 4th quarter worth about $569,569,000. Institutional investors and hedge funds own 85.78% of the company’s stock.

Insider Activity

In related news, CEO Jeffrey Liaw sold 27,745 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the transaction, the chief executive officer directly owned 99,641 shares in the company, valued at approximately $3,038,054.09. This trade represents a 21.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 9.60% of the company’s stock.

Copart Stock Performance

CPRT opened at $33.85 on Thursday. The firm has a market cap of $31.34 billion, a P/E ratio of 21.02 and a beta of 1.01. The business has a 50 day moving average price of $29.37 and a 200 day moving average price of $32.74. Copart, Inc. has a twelve month low of $26.81 and a twelve month high of $50.11.

Copart (NASDAQ:CPRT) last announced its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Barclays set a $26.00 price target on Copart and gave the company an “underweight” rating in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Copart in a research report on Wednesday, July 29th. Jefferies Financial Group set a $45.00 target price on shares of Copart in a research note on Friday, May 22nd. Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Finally, Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a report on Friday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $43.50.

Copart Profile

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.